On June 11, 2003, Standard&Poor's Ratings Services affirmed its ratings on Royal Bank of Scotland PLC (Royal Bank) and related entities, including the 'AA-/A-1+' counterparty credit ratings on Royal Bank and National Westminster Bank PLC (NatWest) and the 'A+/A-1' counterparty credit ratings on Royal Bank of Scotland Group PLC (RBSG), Ulster Bank Ltd., and Ulster Bank Ireland Ltd. The outlooks on the group are unchanged, including the positive outlooks on Royal Bank, NatWest, RBSG, Ulster Bank Ltd., and Ulster Bank Ireland Ltd. The rating action follows today's announcement by RBSG of the agreement to purchase Churchill Insurance Group PLC (Churchill), the U.K.-based motor and household insurer, from Winterthur Swiss Insurance Co. (A/Negative/--), a subsidiary of Credit Suisse Group
